GameStop is ending support for its cryptocurrency wallet due to the “regulatory uncertainty of the crypto space.”
The U.S. game retailer plans to wind down support on November 1, 2023, and will remove its iOS and Chrome Extension wallets from the market on that date.
A short post on the GameStop Wallet website advises customers to ensure they can access their wallet using their ‘Secret Passphrase’ by October 1 to recover their account using another compatible wallet.
The news comes around eight months after GameStop made a round of layoffs that reportedly impacted staff working on the wallet.
The GameStop wallet saga
GameStop initially pitched the wallet as a way for users to manage their crypto and NFTs in one place, trade collectible assets, and use decentralized apps on the Ethereum blockchain.
Last December former GameStop CEO Matt Furlong said the company was focused on “pragmatic growth” and had “proactively minimized exposure” to the risks associated with cryptocurrency.
Furlong indicated there were still plans to explore the NFT market, but said the company wouldn’t risk “meaningful stockholder capital in the space.”
GameStop, however, is no longer under the stewardship of Furlong, who was fired “without cause” in June. The company will also lose another key exec when CFO Diana Saadeh-Jajeh departs on August 11 after tendering their resignation last month.